Mariner Scoops Up 12 Blocks in Central GOM Lease Sale

Lease 208: Central GOM
(Click to Enlarge)

Mariner Energy is the apparent high bidder on 12 of 17 blocks on which it bid at the U.S. Minerals Management Service (MMS) Central Gulf of Mexico Lease Sale 208 held on March 18, 2009 in New Orleans. Mariner submitted individual and joint bids with one or more industry partners on 12 deepwater blocks and five shelf blocks, with a total net exposure of $11.1 million. Mariner's net exposure on the 12 apparent high bids was $7.3 million.

Mariner's working interests on the blocks where it was the apparent high bidder range from 15% to 100%. The MMS will review all of the bids, and Mariner expects the leases to be awarded over the next several months.

"We're very pleased with the results of this lease sale, which efficiently expanded our prospect inventory. Our exploration portfolio exposes our shareholders to every known play type in the Gulf of Mexico -- from conventional amplitude plays on the shelf to subsalt and Lower Tertiary plays in deepwater," said Scott Josey, Chairman, Chief Executive Officer and President of Mariner Energy.

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